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Vaughn Manufacturing assigns $4480000 of its accounts receivables as collateral for a $3.12 million loan with a bank. The bank assesses a 4% finance charge

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Vaughn Manufacturing assigns $4480000 of its accounts receivables as collateral for a $3.12 million loan with a bank. The bank assesses a 4% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction

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